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TMI Blog2019 (6) TMI 1680X X X X Extracts X X X X X X X X Extracts X X X X ..... of the case are that the assessee has filed its return of income on 21.3.2014 declaring total income at Rs.2,72,857/-. Assessment year involved is 2012-13. Thereafter, the return was selected for scrutiny assessment and notice under section 143(2) was issued and served upon the assessee. On verification of the details furnished by the assessee during the assessment proceedings, it was noticed by the AO that the assessee along other four co-owners have sold land situated at survey no.193 and 194, TP Scheme No.32 (Gota), F.P.No.126 admeasuring 10121 sq.meters at Gota, Ahmedabad for Rs.4.50 crores on 30.5.2011. Assessee's share thus came to Rs.90,00,000/- being 1/5th of the share. For the purpose of capital gain assessee has submitted valuatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his provision is applicable from 1.7.2012, meaning thereby, this amendment is applicable from the assessment year 2013-14. Since action of both the authorities below was not in accordance with the provisions of the Act, their orders may be reversed and the claim of the assessee may be allowed. He also relied upon the decision of Hon'ble Gujarat High Court in the case of CIT Vs. Gauranginiben S. Shodhan, 45 taxmann.com 356 (Guj) On the other hand, the ld.DR supported the orders of the Revenue authorities. 6. With the assistance of the ld.representatives, we have gone through the record carefully. We find that the dispute is with regard to calculation of cost of acquisition as on 1.4.1981 and the applicability of amended section 55A(a) w.e.f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... laimed by the assessee is in accordance with the estimate made by a registered valuer, if the [Assessing] Officer is of opinion that the value so claimed is less than its fair market value" xxxx xxxx xxxx 7. From the above provision, we note that the Assessing Officer can refer the valuation of property to a Valuation Officer in a case where the value claimed by the assessee based on the registered valuation report is less than its fair market value. However in the case before us there is no dispute that the fair market value as declared by assessee is not less than the value determined by the DVO. Thus, the valuation determined by the DVO cannot be accepted as it is against the provision of Section 55A of the Act as applicable prior to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fair market value" is substituted by the words " "is at variance with its fair market value" is clarifactory and should be given retrospective effect. This submission is in face of the fact that the 2012 amendment was made effective only from 1 July 2012. The Parliament has not given retrospective effect to the amendment. Therefore, the law to be applied in the present case is Section 55A(a) of the Act as existing during the period relevant to the Assessment Year 2006-07. At the relevant time, very clearly reference could be made to Departmental Valuation Officer only if the value declared by the assessee is in the opinion of Assessing Officer less than its fair market value." 11. Therefore, respectfully following decision of Hon'ble juris ..... X X X X Extracts X X X X X X X X Extracts X X X X
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